GSR V Acquisition (GSRV) closed its initial public offering of 23 million units priced at $10 each with gross proceeds of $230 million.

The offering size reflects the full exercise of the underwriter's overallotment option, the blank-check company said Friday in a statement.

Each unit consists of one Class A ordinary share and one-seventh of one right, with each whole right entitling the holder to receive one Class A ordinary share upon the consummation of an initial business combination.

The units are listed on Nasdaq and began trading under the symbol GSRVU on Thursday. Once the securities comprising the units begin separate trading, the Class A ordinary shares are expected to trade under the symbol GSRV.